Budgeting in the real world: some top tips
Creating a budget, and sticking to it, is undoubtedly a really valuable tool in getting to grips with our finances. However, it’s not always plain sailing, and things don’t always go as smoothly as they sound in theory! Here are three pieces of advice from to help us keep going when times are tough:
Be realistic
Budgets take time and hard work, so don’t expect to have a fully-functioning, successful budget immediately. Don’t give up if things don’t go to plan – you haven’t ‘failed’; just review, make some tweaks, and try again.
Keep your budget under constant review
Our lives don’t stand still, and neither should our budgets. Each month, check the actual regular payments and bills going out of your account against the amount you have budgeted for. You will need to make adjustments to reflect any changes – things should settle down over time as the system begins to work, and you should find things easier over the months ahead.
Don’t panic if things go wrong
Life is never straightforward, we never know what is around the corner, and our circumstances will and do change unexpectedly. It is important not to panic if those changes cause everything to go ‘horribly wrong’! But don’t bury your head in the sand either.
Use the Budget Builder and the Piggy Banking method (and attend our Money Course if you’d enjoy working through them in a small group setting) to revise your budget, make the necessary changes, and take it from there.
You can do this!
